California Cover Up

Pension loan would cover up wealth transfers to employees. California proposes to issue a pension obligation bond to finance extra contributions to the state pension fund, CalPERS. It would also cover up wealth transfers from citizens to state employees. Here’s…

Plus Ça Change in California

State budget more vulnerable than ever to stock market decline. Take a look at California’s General Fund revenues over the last twenty years: Schedule 2, 2017–18 Governor’s Revised Budget Zero in on 2000-03. Notice how revenues peaked at $76 billion in 2000…